Financing Ability,Debt Paying Ability and Real Estate Enterprises Default Risk——Empirical Analysis of Panel Data Based on Actual Company Default Events
Financing Ability,Debt Paying Ability and Real Estate Enterprises Default Risk——Empirical Analysis of Panel Data Based on Actual Company Default Events
From the perspective of investors,this paper uses the actual default information from the real es-tate industry since 2017,and takes 139 real estate companies listed in A-shares and Hong Kong stocks from 2017 to 2022 as research samples to study the impact of corporate financing ability and repayment ability on the default risk of real estate enterprises.The empirical study finds that the financing ability,short-term solvency and long-term solvency of enterprises have significant impact on the default risk of real estate enterprises.Specif-ically,the increase of comprehensive financing cost reflecting financing ability will significantly increase the de-fault risk of real estate enterprises;the improvement of short-term solvency and long-term solvency are conducive to reducing default risk.In addition,non-state-owned enterprises are more sensitive to financing capacity and short-term solvency.The conclusion of this study provides a new perspective and empirical evidence for the deci-sion-making of investors,the policy choice of real estate financial risk control and the model choice of rating a-gencies.
关键词
房地产企业/违约风险/融资能力/偿债能力
Key words
real estate enterprises/risk of default/financing ability/debt-servicing ability
万方数据